Natural Gas slides to two-week low, EIA inventories up 71 BCF

Natural Gas futures slipped today, adding to latest losses and testing around two-week low amid rising US inventories. The counter currently trades at $2.91 per mmbtu, down 0.78% on the day as selling stayed in place after breaking under $3 per mmbtu mark. On MCX, the Natural Gas futures are trading at Rs 257.30 per mmbtu, down 1.30% on the day. Working natural gas in storage across the United States increased by 71 billion cubic feet in the week ending September 5 compared to the previous seven-day period to reach 3,343 billion cubic feet, the Energy Information Administration (EIA) said in its report published on Thursday. On an annual level, the figure declined by 38 billion cubic feet. Additionally, the stockpiles grew by 188 billion cubic feet above the five-year average of 3,155 billion cubic feet. The total working gas remained within the five-year historical range.

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